EUR/USD drifts higher as Euro bolstered by recovering market sentiment

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EURUSD News

Fed,PMI

EUR/USD recovered to 1.0740 on Monday as market sentiment shifts back into rate cut hopes to kick off the new trading week, with investors shrugging off cautionary statements from Federal Reserve (Fed) officials that warned rate cuts may not materialize at a pace investors are happy with.

As rate cut hopes persist, EUR/USD recovers from a near-term swing low near 1.0670. Investors shrug off cautious Fed tones to bet on September rate cut. EU economic data thin this week with mid-tier events, Friday’s global PMIs loom. EUR/USD recovered to 1.

Although recent inflation data has shown a faster-than-expected decline, the Fed has emphasized a reluctance to implement premature rate cuts, emphasizing the need for further data before making any decisions. Later in the week, EU and US PMI)figures scheduled for Friday are expected to split results, with market forecasts expecting a slight uptick in pan-EU activity and a slight decrease expected in US PMI figures.

 

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